News Summary
Mastro’s Ocean 48, co-founded by Jeff and Mike Mastro, hosted a memorable dinner event to honor the winners of the Business Journal Excellence in Entrepreneurship Awards. Key figures in attendance included three CFO of the Year Award winners. The extravagant feast showcased various seafood delicacies as part of Mastro’s commitment to recognizing the business community. As they look ahead, the restaurant is preparing for another significant event, the Family-Owned Business Awards, all while discussions continue surrounding new housing developments in Newport Center.
Newport Beach – Mastro’s Ocean 48, a seafood restaurant co-founded by Jeff and Mike Mastro, recently held an exclusive dinner event to honor the winners of the Business Journal Excellence in Entrepreneurship Awards. The event took place on June 4 and was attended by notable figures, including three of the five winners of the CFO of the Year Award: Jared Callister of QSC, Liyuan Woo of TOCA Football, and Tony Dabbene of IHI Power Services Corp. The evening also featured the Publisher Richard Reisman and Editor-in-Chief Peter J. Brennan of the Business Journal.
The dinner was an extravagant two-hour feast showcasing specialties that included ribeye, New York Strip steak, a chef’s cut hanging bacon, corn crème brûlée, and New England lobster rolls. This event is part of Mastro’s commitment to creating more opportunities for recognition within the business community.
Looking ahead, Mastro’s Ocean 48 is set to host another significant event, the Family-Owned Business Awards, scheduled for June 12 at the Irvine Marriott. Tickets for this upcoming event can be requested from Signature Events Manager Elyana Torres via email.
Development Proposals in Newport Center
In addition to the corporate celebrations, there are ongoing discussions about residential projects in and around Newport Center. These developments aim to introduce several thousand new housing units aimed at resolving the city’s pressing housing shortage. A significant point of interest is the former Newport Beach Car Wash site, which was sold for $12 million in 2014. Since that time, the site has been the subject of various development proposals and litigation.
Initial plans for a 125-unit boutique hotel were abandoned, with subsequent proposals for a 49-unit luxury condominium being downsized to 29 units due to concerns expressed by city officials. Legal disputes have surrounded the site since 2016, involving key figures such as former city mayor Tod Ridgeway and real estate executives Mike Lutton, who passed away in 2018, and Ron Soderling, who passed away in 2021.
Litigation and Financial Background
Kimberly Moffatt Jones, the primary financial supporter for the development group, originally financed the car wash site’s purchase with a $6.2 million investment and retains a 47.5% stake in the project. Lawsuits have arisen around allegations of fraudulent inducement against Jones by Lutton, as well as claims of concealment by other members of the development team.
A recent court decision on May 15 ruled largely in favor of Jones, furthering ongoing appraisal efforts for the property. The land has attracted interest from developers, including a reported offer of $18 million from Restoration Hardware and $22.5 million from a housing developer, both of which have been declined. Recent sales of comparable properties in the area have exceeded $30 million per acre, indicating the high demand for prime real estate in Newport Beach.
Conclusion
The events at Mastro’s Ocean 48 and the ongoing development proposals highlight the dynamic landscape of Newport Beach’s business and real estate sectors. As the city navigates its housing challenges, the intersection of entrepreneurship and urban development continues to shape local conversations and efforts.
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Additional Resources
- Newport Beach Indy: Maestro Mastro’s
- Boca Raton Observer: Mastro’s Ocean Club Comes to Fort Lauderdale
- OC Register: Best of Orange County 2024 – Best Steakhouse
- Sun Sentinel: Mastro’s Ocean Club Opens in Fort Lauderdale
- Modern Luxury: Ocean 48 Orange County
- Wikipedia: Newport Beach, California
- Google Search: Newport Beach real estate development
- Google Scholar: housing shortage California
- Encyclopedia Britannica: Real Estate
- Google News: Mastro’s Ocean 48
